Hotel group Accor is to sell 72 hotels in Germany and 19 in the Netherlands in a sale-and-leaseback deal worth €863m (£589m).
Moor Park Real Estate will invest €43m (£29m) in refurbishing the Novotel, Mercure, Ibis and Etap-branded hotels, which comprise 12,000 bedrooms, as part of the arrangement.
Accor plans to operate the hotels through 12-year variable-rent leases, renewable six times up to 84 years.
Moor Park Real Estate already owns around seventy shops in Germany and Accor said it was its intention to work with the company to step up its expansion programme in Germany and the Netherlands.
Accor said the deal would allow it to reduce its debt by €612m (£418m).
By Chris Druce
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